Accounting Cycle
Accounting 422
University of Phoenix
Don Minyard
March 23, 2008
US Energy Corporation is a diversified natural resource company with interests in uranium, molybdenum and gold. UU Energy Corp.’s objective is to capitalize on the tremendous opportunities in the commodities markets today and transition to a positive cash flow entity.
US Energy Corporation is a publicly traded company in which the Corporate Headquarters are located in Riverton Wyoming. The purpose of this paper is to analyze the disclosures contained within the notes to the financial statements related to cash and cash equivalents, receivables, and inventories. But fist let’s start with US Energy’s stock information.
Information about their Stock
Shares of US Energy Corporation common stock are traded on the over-the-counter market, and prices are reported on a "last sale" basis on the National Association of Securities Dealers Automated Quotation System ("Nasdaq").
At March 14, 2007 the closing market price was $5.18 per share and there were approximately 604 shareholders of record, with 19,991,611 shares of common stock issued and outstanding, including shares owned by their subsidiaries and shares in officers' and directors' names that are subject to forfeiture.
They have not paid any cash dividends with respect to common stock. There are no contractual restrictions on their present or future ability to pay cash dividends; however, they intend to retain any earnings in the near future for operations. (US Energy)
Cash and cash equivalents
Cash and cash equivalents are the most liquid assets found within the asset portion of a company's balance sheet. Cash equivalents are assets that are readily convertibl ...